Chemtura Corp (fka CHMT)

[TheWeen]

Unfortunately, this was severely limited to the "unique nature" of Visteon employee retiree benefits.

"The appeals court agreed that Congress, through the bankruptcy code, intended to restrict a debtor's ability to modify or terminate retiree benefits during a Chapter 11 case, regardless of whether it could unilaterally terminate those benefits outside of bankruptcy.

Other courts have interpreted the bankruptcy code as saying creditors can't be given greater rights in a bankruptcy case than they had outside bankruptcy, but the appeals court cited the "unique nature" of retiree benefits in a bankruptcy proceeding.